2004 INTERIM RESULTS Continuing Strong Growth Continuing Strong Growth

1

2004 INTERIM RESULTS2004 INTERIM RESULTS

Continuing Strong Continuing Strong Growth Growth

2United Business Media*before amortisation of goodwill and intangible assets

Financial Results Financial Results Six months to 30 June

Turnover (£m)

Profit before tax * (£m)

EPS * (p)

Operating margin * (%)

Dividend per share (p)

Net cash (£m)

20042004 2003 Change%

344.0

45.5

10.6

12.2

3.30

118.9

Underlying%

380.5

65.0

14.9

16.8

3.63

51.6

10.6

42.9

40.6

37.3

10.0

-

4.2

28.8

3United Business Media

2004 Review of first six 2004 Review of first six monthsmonthsOverview

Underlying revenue growth in all businessesIncreases in volumes, yields and market shares

15 per cent margin target ahead of scheduleAchieved 16.8 per cent operating marginOngoing operational efficiency gains

Investment programme on track2003 acquisitions ahead of planHealthcare offer extended by product and geographyIncreasing level of investment in new products


2004 Review of first six 2004 Review of first six monthsmonthsProfessional Media

Growth in technology revenue and yields Healthcare acquisition performing wellRegulatory changes slowing medical education

Underlying trading above pre-SARS levelsActive launch programme continues

Further revenue, margin and market share gainsGood performances from acquisitions

Mixed Performance

CMP Media

CMP Asia

CMPi

UAP


2004 Review of first six 2004 Review of first six monthsmonths

Strong increase in marginUS volumes and yields upRevenue growth from new productsRoW approaching break-even

Revenues and profits upSyndicated business and Eurisko performing wellHealthcare revenue growthRestructuring NOP World to improve margins

PR Newswire

NOP World


StrategyStrategy

A focused business information group

Delivering superior operating performance

Providing customers with innovative products

Increasing level of investment in product development and building competitive advantage

Leveraging existing content and platforms

Acquisitions to add channels, products & geographies

Building value and monetising investments


Healthcare in UBMHealthcare in UBMKey sector: c25% of pro-forma revenues post-MediMedia

Professional Media - HealthcarePublications in US, UK, Europe and Asia CME in USExhibitions in AsiaDrug information services in Europe and Asia

NOP World Healthcare25% of UBM’s market research revenues

PR Newswire - 16% of revenueNews channel for pharmacos


Trading Outlook Trading Outlook Continuing steady revenue improvement

Publications and exhibitionsTech revenue and yields growing Healthcare publications strongAsia ahead of pre-SARS levels UK revenue growth and acquisition benefit

News distributionVolumes and yields driving marginEliminating losses in the Rest of the World

Market researchIn line with industry revenue growth ratesSyndicated strong, challenging healthcare environment

Acquisitions and new products delivering

Combination of revenue increases and operational efficienciesDelivering strong profit growth

9

FINANCIAL REVIEW


Turnover (£m)

Operating profit * (£m)

Net Interest (£m)

Other finance expense (FRS17)

PBT * (£m)

Taxation * (£m)

EPS * (p)

Dividend per share (p)

Financial Results Financial Results Six months to 30 June

20042004 2003 Change %

*before amortisation of goodwill and intangible assets

344.0

42.0

6.2

(2.7)

45.5

(10.0)

10.6

3.30

380.5

63.8

3.2

(2.0)

65.0

(14.2)

14.9

3.63

10.6

51.9

42.9

42.0

40.6

10.0

Segmental AnalysisSegmental AnalysisSix months to 30 June 2004

Group TurnoverGroup Turnover Operating ProfitOperating Profit

Total Total Growth on Prior Year TotalTotal Growth

£m£m Reported%

Currency%

Acquisition%

Underlying%

£m£m Reported%

Underlying%

CMP Media 98.3 (3.4) (11.7) 6.8 2.1 11.9 142.9 316.1

CMP Asia 22.6 61.4 (11.4) - 1.8 6.3 - 7.9

CMPi 82.6 40.7 (3.2) 35.6 5.0 16.8 57.0 1.9

UAP 29.9 1.4 - 1.2 0.2 6.7 (24.7) (9.9)

PR Newswire 47.7 (0.6) (10.4) - 10.9 11.6 45.0 88.6

NOP World 99.4 8.0 (8.0) 11.8 4.5 10.5 2.9 6.0

Total 380.5 10.6 (8.1) 11.3 4.2 63.8 51.9 36.8

11


Underlying 2004 Revenue Underlying 2004 Revenue ChangeChangeSix months to 30 June 2004

Acquisitions

£39.0 m

Biennials

£3.6 m

SARS

£8.5m Forex

(£27.8m)

Underlying

Increase

£13.2m

4.2%


Investing in GrowthInvesting in Growth

Net debt capacity around £300m – post MediMediaMinimum interest cover of 5 timesConservative approach to financing$250m of debt retired in July, $125m in Sept

Acquisition financial criteria

8% post tax hurdle rateGenerally eps enhancing first full year

Organic investment target paybacksPublishing and events in 1 to 2 yearsPRN and NOP in 3 to 5 years


Geographic Segmental Geographic Segmental Analysis Analysis Six months to 30 June 2004

US 55%UK 35%

EMEA

5%

Asia Pacific

5%

Revenue Operating Profit

UK 39% US 49%

Asia Pacific

10%EMEA

2%


Investments DeliveringInvestments DeliveringSix months to 30 June

Acquisitions

£129.9m invested in 2003£2.9m profit contribution in 2003Set to exceed targeted £13m operating profit in 2004

Operating profit/(loss)

Turnover

2004£m

2003£m

Change%

16.4

(2.8)

20.1

1.7

22.6

-

Organic Initiatives


20042004£m£m

2003£m

Change%

Turnover

Operating profit

Six months to 30 June - Unaudited

121.8

0.7

Audience share up to 6.9% (6.6%)

Advertising share up to 8.0% (7.8%)

Net book values:five£129.6mOther investments £39.8m

133.6

6.2

9.7

-


Operating profit (before goodwill)

Depreciation

Capex

Working capital/other

Operating cash inflow

Cash conversion

20042004£m£m

63.8

6.4

(2.9)

(24.5)

42.8

67.1%

Cash ConversionCash ConversionSix months to 30 June

Cash FlowsCash FlowsSix months to 30 June

Operating cash inflow

Dividends paid

Tax paid

Net interest paid

Investments

Payments relating to property and restructuring

Foreign exchange

Other

Increase in cash in the period

20042004£m£m

42.8

(19.7)

(4.9)

(0.9)

(1.2)

(6.8)

2.3

(6.5)

5.1 18

£ Cash

£ Debt

$ Cash (in £)

$ Debt (in £)

Other

Net Cash

Loans to five

Other financial expenses - FRS17

P&L Interest

Breakdown of Net Cash and Breakdown of Net Cash and Interest Interest

30 June 2004 £m

Interest£m

138.6

(3.1)

423.2

(518.2)

11.1

51.6

157.5

4.0

(0.7)

4.7

(9.5)

0.0

4.7

(2.0)

1.2

19

20

OPERATIONAL REVIEW


Margin Performance Margin Performance

H1 2004%

H2 2003%

H1 2003%

TOTAL 16.8 14.3 12.2

CMP Media

12.1 9.1 4.8

CMP Asia 27.9 43.8* -

CMPi 20.3 19.1 18.2

UAP 22.4 17.8 30.2

PR Newswire

24.3 11.5 16.7

NOP World

10.6 8.1 11.1

* 31.3% excluding £3.8m insurance receipt


Operating Profit (£m)

Operating Margin (%)

Professional MediaProfessional Media: CMP : CMP MediaMedia

Turnover (£m)

20042004H1H1

2003H1

ReportedChange

%

101.8

4.9

4.8

98.3

11.9

12.1

(3.4)

142.9

151.5

UnderlyingChange

%

2.1

316.1


-30

-20

-10

0

10

20

30

Software Enterprise Applied Channel Electronics Network

H2 2003 Vs H2 2002H1 2004 Vs H1 2003

CMP Media Tech Product CMP Media Tech Product AreasAreasPercentage $ revenue change*

* Excluding discontinued titles


CMP Media CMP Media 2004 Interim Review – Technology

Underlying technology revenue up 2 per centSuccessfully leveraging content across multiple channelsGrowth in publishing, custom and eventsOnline up over 30 per cent: tailored and targetedPublishing yields up 3.4 per centPublishing market share up to 27.4% (26.5%)

Further operating efficiency gains

Growing organic investments: £5.3m revenue, £1.7m profit


CMP Media CMP Media 2004 Interim Review – Healthcare*

Acquisition now fully integrated with good performanceCMP Media Healthcare revenue up 71 per cent

Continuing Healthcare revenue down 3 per centContinuing Healthcare (excluding CME) up 10.3 per cent

Psychiatric Times revenue growth particularly strong

CME down 16.3 per cent to $7.2mRegulation separating education from marketing

* Healthcare = 17% of revenue in CMP Media in H1’04


Expansion strategy - new platforms, products & geographies

Acquired healthcare businesses from MediMediaDrug information in Europe and AsiaTrade press in Germany, Benelux and Asia PacificPharma marketing solutions, patient education

Extends geographical and product reachStrong and consistent growth trendsRecurring revenues from directories, high quality earningsProducts with #1 positions in their marketsPotential revenue synergies with other UBM healthcare

CMP HealthcareCMP HealthcareMediMedia Assets




Professional MediaProfessional Media: CMP : CMP AsiaAsia

Turnover (£m)

20042004H1H1

2003H1

ReportedChange

%

14.0

(0.7)

-

22.6

6.3

27.9

61.4

-

-

UnderlyingChange

%

1.8

7.9


CMP AsiaCMP Asia2004 Interim Review

Strong recovery from SARS

Leather fair back close to 2002 levels

Jewellery fair at new record revenues

Real underlying performance growth

Active launch programme continues

Growth from ’02 / ’03 launches

Organic investment continuing into H2’04

Biennials positive H1’04, negative H2’04




Professional MediaProfessional Media: CMPi: CMPi

Turnover (£m)

20042004H1H1

2003H1

ReportedChange

%

58.7

10.7

18.2

82.6

16.8

20.3

40.7

57.0

11.6

UnderlyingChange

%

5.0

1.9


CMP InformationCMP Information2004 Interim Review

Acquisitions performing wellSignificant cost synergies achievedDelivering further margin improvement

Underlying revenue and profit aheadGrowing square footage and yields

New launches boosting market shareBiennials positive H1’04, negative H2’04




Professional MediaProfessional Media: UAP: UAP

Turnover (£m)

20042004H1H1

2003H1

ReportedChange

%

29.5

8.9

30.2

29.9

6.7

22.4

1.4

(24.7)

(25.8)

UnderlyingChange

%

0.2

(9.9)


UAPUAP2004 Interim Review

Total revenue in line with 2003Daltons Weekly strong ad volume growth• Daltonsbusiness.com strong online revenue growth

Exchange & Mart down• Copy sales down

Auto Exchange revenues up • Success of multiple response channels sales

strategyMargins impacted by

Organic investments : E&M TV Restructuring costs (redundancies)


PR Newswire - News PR Newswire - News DistributionDistributionSix months to 30 JuneSix months to 30 June

20042004£m£m

2003£m

ReportedChange

%Turnover

Americas

RoW

Operating profit

Americas

RoW

Margin

42.6

5.4

48.0

8.0

-

8.0

16.7

43.2

4.5

47.7

11.9

(0.3)

11.6

24.3

10.9

88.6

UnderlyingChange

%

1.4

(16.7)

(0.6)

48.8

-

45.0

45.9


Quarterly Newswire VolumesQuarterly Newswire VolumesCore US News Distribution in thousands

46.4

42.0

45.2

48.7

45.947.5

44.3

41.941.1

48.6

42.343.4

Q1 Q2 Q3 Q4

2001 2002 2003 2004

54.7 54.8

35k->


PR Newswire – News PR Newswire – News DistributionDistribution2004 Interim Review

US wire volumes up 5.4 per centYields up 5.5 per cent

Strong US1 sales (premium service/wide distribution)• Attractiveness of First Call morning notes

Organic initiatives delivering revenue growthVideo news release and contact database products• MultiVu and Online MediAtlas both strong

RoW approaching breakevenIncreasing overall PRN margins


NOP World – Market NOP World – Market ResearchResearchSix months to 30 JuneSix months to 30 June

20042004£m£m

2003£m

ReportedChange

%Turnover

Americas

RoW

Operating profit

Americas

RoW

Margin

60.5

31.5

92.0

7.3

2.9

10.2

11.1

55.7

43.7

99.4

6.8

3.7

10.5

10.6

4.5

6.0

UnderlyingChange

%

(7.9)

38.7

8.0

(6.8)

27.6

2.9

(4.7)


NOP World – Market NOP World – Market ResearchResearch2004 Interim Review

Total revenue growing in line with industrySyndicated US again very strongEurisko acquisition performing wellHealthcare market challenging

Sector restructuring substantially completedTo improve margin and drive revenue growthDevelopment of global account managementOngoing commitment to organic investment


UBM: Delivering our strategyUBM: Delivering our strategy

Strong operational performance

Consistent implementation of strategy

Revenue growth

Strong cost control

Good margin performance

Successful acquisitions and organic investments

Strong financial base

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Documents

2004 INTERIM RESULTS Continuing Strong Growth Continuing Strong Growth